mo4ch:>'Severe unintended consequences': OPEC threatens to kill US shale | Mo4ch News

OPEC is ready to produce at full capacity if the NOPEC (No Oil Producing and Exporting Cartels Act) bill is passed in Washington, an action that would likely kill the cash intensive US shale industry.The oil minister of the UAE, Suhail al-Mazrouei, reportedly told lenders at the meeting that if the bill was made into law that made OPEC members liable to US anti-cartel legislation, the group, which is to all intents and purposes indeed a cartel, would break up and every member would boost production to its maximum.This would be a repeat of what happened in 2013 and 2014, and ultimately led to another oil price crash like the one that saw Brent crude and WTI sink below US$30 a barrel. As a result, a lot of US shale-focused, debt-dependent producers would go under.Also on rt.comVenezuela electricity crisis may ‘challenge’ global oil market – IEABankers who provide the debt financing that shale producers need are the natural target for opponents of the NOPEC bill. Banks got burned during …